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By Fannie Mae
We've all heard the statistics: loans in serious delinquency are at record-high levels, the inventory of unsold homes is almost twice as high as historical levels, consumer-debt levels keep rising, and so on. The bottom line is that more and more credit union members are hurting and in need of assistance. The question is what can you be doing to help them avoid foreclosure?
Fannie Mae is committed to providing you with a variety of loan resolution options to help your members stay in their homes and/or avoid foreclosure. The RAMPD framework outlines the preferred order of consideration for the use of loss mitigation options and provides a useful reference for assisting your delinquent members:
Fannie Mae has recently introduced to servicers this new loss mitigation option that provides an unsecured personal loan designed to bring a delinquent loan current. Funds from the loan go toward curing arrearages of principal, interest, taxes, and insurance (PITI), as well as other applicable advances and fees. The unsecured loan is documented by a borrower-signed promissory note, payable over 15 years at a fixed rate of 5% with no payments or interest accrual for the first six months.
HomeSaver Advance is designed for your members who may have fallen behind on their mortgage, but are able to resume timely payments once their loan is brought current by the advance. It helps to simplify and streamline the workout process, by providing an option for earlier resolution of delinquent loans.
For More Information
For more information about Fannie Mae's servicing solutions and loss mitigation options, please visit the Servicing Resources (links to: https://www.efanniemae.com/sf/servicing/ ) page on eFannieMae.com.
For a summary of HomeSaver Advance, please review the HomeSaver Advance Fact Sheet posted on eFannieMae.com.
We look forward to working with YOU
Credit unions are well positioned to provide their membership with sustainable home financing options that have been and continue to be at the very core of their business. And, in this challenging market, helping those in need is at the forefront of all our efforts. Fannie Mae will be there for YOU in all market conditions, and with YOU in the communities that you serve.
Servicing Solutions Center
Call 1-888-FANNIE8 or 1-888-326-6438 and choose option 2
Send a general inquiry
Send a loss mitigation inquiry
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
June 23, 2008
7/26/2012 03:58 PM
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